IES (NASDAQ:IESC) Shares Down 6.6% – Here’s Why

IES Holdings, Inc. (NASDAQ:IESC)’s share price traded down 6.6% during trading on Wednesday. The stock traded as low as $324.00 and last traded at $319.18. 8,123 shares changed hands during trading, a decline of 98% from the average session volume of 413,107 shares. The stock had previously closed at $341.85.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on IESC. Weiss Ratings upgraded IES from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, September 21st. Wall Street Zen raised IES from a “buy” rating to a “strong-buy” rating in a research report on Sunday, September 20th. Finally, Freedom Broker raised IES from a “hold” rating to a “buy” rating and set a $440.00 price target for the company in a research note on Friday, September 11th. Two investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, IES currently has a consensus rating of “Moderate Buy” and an average price target of $334.50.

IES Trading Down 10.6%

The stock has a market capitalization of $12.18 billion, a price-to-earnings ratio of 27.23 and a beta of 1.77. The company has a fifty day moving average of $335.73 and a two-hundred day moving average of $320.18.

IES (NASDAQ:IESC) last released its quarterly earnings results on Friday, July 31st. The technology company reported $3.35 EPS for the quarter, beating analysts’ consensus estimates of $2.42 by $0.93. IES had a net margin of 11.40% and a return on equity of 35.70%. The company had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.08 billion.

Institutional Investors Weigh In On IES

Hedge funds have recently bought and sold shares of the company. BlackRock Inc. bought a new position in IES in the 2nd quarter worth approximately $649,086,000. First Trust Advisors LP raised its stake in IES by 40.4% during the 1st quarter. First Trust Advisors LP now owns 349,163 shares of the technology company’s stock valued at $166,366,000 after purchasing an additional 100,425 shares during the last quarter. Norges Bank acquired a new position in IES during the 4th quarter valued at $40,578,000. Bank of New York Mellon Corp bought a new stake in IES in the 2nd quarter valued at $37,385,000. Finally, Parsifal Capital Management LP bought a new stake in IES in the 2nd quarter valued at $35,977,035,000. 86.60% of the stock is currently owned by institutional investors.

About IES

IES Holdings, Inc (NASDAQ: IESC) is a diversified provider of electrical and technology systems, infrastructure solutions, and related services. The company designs, installs, and maintains electrical, mechanical, plumbing, and HVAC systems for data centers, commercial and industrial facilities, residential developments, and other specialized applications.

IES Holdings operates through several business areas, including Communications, Residential, Infrastructure Solutions, and Commercial & Industrial.